On November 20th, Glory Financial announced that Prosper Future (01259.HK) entered into a sales agreement on November 20, 2024, whereby the company (as the seller) agrees to sell and the buyer (as the buyer) agrees to purchase all the shares and sales loans of the target company Apex Magic International Limited for a consideration of 27 million Hong Kong dollars.

The target company is a limited company registered in the British Virgin Islands, primarily engaged in investment holding. Immediately before the completion, the target company is a wholly-owned subsidiary of the company. After completion, the target company will no longer be a subsidiary of the company.

The group acquired all issued shares of the target company from an independent third party on April 27, 2017. At the time of acquisition in April 2017, the group anticipated that property prices in Yuen Long would continue to rise in the near future and felt optimistic about the development of the Hong Kong property market due to supply shortages, therefore seeking potential property investment and development opportunities in Hong Kong. The company intends to demolish and redevelop the properties established on those plots. However, considering (a) the group has held those plots for over 7 years; and (b) the prices of the plots have significantly declined since the group’s acquisition in 2017, the directors believe it is now a suitable time to sell those plots to improve the company's liquidity.